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Friday, April 3, 2020

The Staggering Costs of Dementia


Most of us know of someone who has been diagnosed with dementia. It is a costly, heart-breaking and life-altering syndrome that is nearly doubling in numbers of people affected worldwide every 20 years. Dementia has affected the likes of Norman Rockwell, E.B. White, Rita Hayworth, Charlton Heston, Ronald Reagan, Charles Bronson, Margaret Thatcher and many other well-known people.
Read more . . .


Tuesday, March 31, 2020

Spring Cleaning: Time to Clean Up Your Estate Planning

Your estate plan, like your home, periodically needs a thorough polishing. Your life circumstances are constantly changing, and an estate plan that perfectly met your needs a couple of years ago may now be cluttered with outdated provisions or documents. With spring fast approaching, now is the time to dust off your estate plan to ensure that it will still achieve your goals, as well as to avoid unintended consequences that may arise as a result of divorces, deaths, births, or other changes that have occurred since the last time your plan was reviewed.


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Friday, March 27, 2020

An Overview of Long Term Care Options

One of the greatest concerns for the elderly we serve and their families is that of long term care.  Two-thirds of seniors will need care at some point in their life and many have not planned for this likelihood.  It is an emotional and unpleasant topic to broach, but helping those we serve to plan ahead empowers them.  This newsletter will focus on information necessary to assist elderly in making decisions that will likely eventually affect them and their loved ones.
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Tuesday, March 24, 2020

Writing Your Own Obituary as an Addition to Your Estate Plan

An obituary can be much more than just a dry announcement of the time and location of your funeral or memorial service. It can be a way to share your life story, communicating information about significant events and people, as well as important values you would like to impart to others. You do not need to leave this task for grieving family members to do after you pass away: Instead, writing your own obituary can be an important part of your estate planning that you can do today.


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Friday, March 20, 2020

Understanding Social Security Survivor Benefits

According to the Social Security Administration, a surviving spouse may be eligible to receive the deceased spouse’s full retirement benefits at full retirement age (“FRA”).  For survivor benefits only, FRA is 66 for anyone born before 1957, and it increases two months every year until it reaches 67 for those persons born in 1962 or later. (For a regular retirement or spousal benefit, FRA is 66 for anyone born before 1955 and it increases two months every year until it reaches 67 in 1960.)  (E.g., see http://www.ssa.gov/pubs/EN-05-10084.pdf.)


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Tuesday, March 17, 2020

Ancillary Probate: When Is It Used, Where It Occurs, and How to Avoid It

Many people own property in more than one state—perhaps a vacation home in Florida, a rental property in a former home state, or even a car titled in another state. It is important to think about how that property will be handled as you create an estate plan. It may be necessary for there to be an additional probate proceeding called ancillary probate. Through proper estate planning, however, this result can be made less burdensome or even avoided.
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Friday, March 13, 2020

THE ABLE ACT: A New Tool for the Special Needs Community

Late in 2014, the ABLE (“Achieving a Better Life Experience”) Act was signed into law.  The law is aimed at achieving a manner in which those with special needs can save money without losing needs based public benefits such as SSI or Medicaid . This is an important issue and, perhaps the greatest accomplishment of the Act is that it brings attention to this valuable community and addresses a serious struggle that they face.  The fact that the ABLE act had strong bi-partisan support is encouraging for the special needs community and those who serve it. 
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Tuesday, March 10, 2020

National Genealogy Day: Investigate the Past and Impact the Future

Genealogy has long fascinated many people, and it continues to be studied by those who are interested in discovering who they descended from and what those family members were like. Many of us have gazed at black and white or sepia-tone photos of ancestors whose names we don’t know and wondered about their lives, joys, trials, and accomplishments. Fortunately, today, there are many resources making it much easier to discover information about prior generations of our families.


Read more . . .


Friday, March 6, 2020

The Value of Using Irrevocable Trusts in Medicaid Planning

People often wonder about the value of using irrevocable trusts in Medicaid planning. Certainly gifting of assets can be done outright, not involving an irrevocable trust. Outright gifts have the advantages of being simple to do with minimal costs involved, including the cost of preparing and recording deeds and the cost of preparing and filing a gift tax return. Many financial institutions have their own documents they use for changing ownership of assets so there are typically no out-of-pocket costs for the transferor.


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Friday, February 28, 2020

The Top 10 Benefits of a Comprehensive Power of Attorney

The benefits of a highly detailed, comprehensive power of attorney are numerous. Unfortunately, many powers of attorney are more general in nature and can actually cause more problems than they solve, especially for our senior population. This e-newsletter is intended to highlight the benefits of a comprehensive, detailed power of attorney. A proper starting point is to emphasize that the proper use of a power of attorney as an estate planning and elder law document depends on the reliability and honesty of the appointed agent.
Read more . . .


Wednesday, February 26, 2020

The SECURE Act: How Does It Affect Your Retirement Accounts?

On December 20, 2019, President Trump signed the Setting Every Community Up for Retirement Enhancement Act (SECURE Act), which became effective on January 1, 2020. The Act is the most impactful legislation affecting retirement accounts in decades. It will have a positive impact for many older Americans but could have negative tax consequences for many beneficiaries of their retirement accounts.
Read more . . .


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Archived Posts

2020
2019
December
November
October
September
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July
Being Deployed? Here’s What You Need to Do
The Only Constant in Life is Change: When Circumstances Change, So Should Your Estate Plan
Beyond Wills and Trusts: 3 Documents Everyone Needs
Reconsider Outright Inheritances: How to Protect Your Heirs and Your Legacy from Bad Decisions and Outside Influences
Expand Your Cast to Prevent Chaos
Planning for Blended Families: Second or Later Marriages and Divorce of Beneficiaries
The Flexible Protection of Trust-Based Planning
Why “I Love You” Wills Really Don’t Say “I Love You”
Estate Plans for College Students and Other Young Adults: Why It’s the Perfect Time to Set Your Kids Up for Success
Your Guide to Better Incapacity Protection in Your Estate Plan
Are You Familiar With Community Property Trusts?: Learn How These Special Trusts Can Help Reduce Income Taxes
Modernizing an Outdated Estate Plan: What to do with a Confusing, Old Trust
Have You Considered a Dynasty Trust for Your Family’s Estate? Why You Should Think Twice Before Ruling One Out
What if you don’t die?: Why Ignoring the Importance of Incapacity Planning Can Have Serious Consequences
Don’t Put Off Till Tomorrow What You Can Do Today: Why It’s Time to Talk with Your Family and Your Estate Planning Attorney
Who Will Inherit Your Financial Wisdom?: Passing on More Than Just Wealth
How Tax Reform Will Impact You and Your Estate Planning
Will My Debt Outlive Me?: Your Questions About Debt After Death Answered
Planning Your Summer Vacation?: 5 Things to Consider Now
Talk to Your Family over the Holidays about Your Estate Plan
12 Crucial Insights for Protecting Your Furry Family Members
Does Your Family Know About Your Estate Plan?: A Guide for How Much to Share and With Whom
Planning for the Financial Future of a Troubled Adult Child: Your 3-Step Guide to Creating an Informed Estate Plan
Keeping the Peace After You Are Gone: Planning With an Aim Towards Building Unity
Have You Taken Advantage of the Tax Cuts and Jobs Act Planning Window?: Important Estate Planning Tips You Should Act on Now
Back-To-School Preparation: Not Just About the School Supplies- Use This Time to Revisit The Parts of Your Estate Plan That Impact Your Children Most
What Do the New 199A Regulations Mean for You?: New Choices and Opportunities for Tax Savings
Three Legal Strategies When Facing a Major Health Event: What You and Your Family Need to Know
How to Protect Your Retirement Account
2018 Midterm Elections: What Do They Mean For Your Estate Plan?: Strategic Planning Guidance in Light of the Midterm Results
Estate Planning Projects to Tackle in the New Year
Three Liability Planning Tips for Physicians You Can Use Too
June
3 Estate Planning Secrets the Wealthy Use That You Can Too!: Strategies to Enhance Your Success
Five Key Considerations for Your Estate Plan
Your Personal Property Memorandum: 4 Tips for Success
How to Coordinate Your Retirement and Estate Plans
How to Avoid a Disastrous Will or Trust Contest
Is Your Estate Plan Probate-Proof?
Want a Greater Sense of Purpose? Plan Your Legacy
What is Asset Protection and Do I Need It?
Caution: Your Traditional Asset Protection Plan Is Set Up to Fail
Your Vacation Checklist
Estate Plans for College Students and Other Young Adults: Why It’s the Perfect Time to Set Your Kids Up for Success
Does Your Estate Plan Protect Your Adult Beneficiaries?
Discretionary Trusts – How to Protect Your Beneficiaries from Bad Decisions and Outside Influences
Estate Planning Is Not Just About Money
Is Your Estate Plan Unfinished? Don’t Wait to Complete This Important Process!
When Equal Is Not Necessarily Fair
Lifetime QTIP Trusts – The Gift That Keeps Giving
One Year After the Historic 2016 Election: Strategic Estate Planning in Uncertain Times
Funding Your Revocable Living Trust to Avoid Probate
4 Tips for Avoiding a Will or Trust Contest
The Harmonious Family that Won't Fight
3 Asset Protection Tips You Can Use Now
Estate Planning for Rental Property Owners
Estate Planning is More Than Just Death Planning
The Trust Protection Myth: Your Revocable Trust Protects Against Lawsuits
Loan, Gift, or Advancement: Why the Classification Matters
What to Bring to Your First Meeting with the Estate Planning Attorney
April
March
February
January
2018
September
August
July
Not Married? You’re not alone - but you still need a plan. Estate Planning for People Living Together, Bachelors, and Bachelorettes
Are Your Documents Following the Same Script? Basics of Beneficiary Forms and Estate Planning
A Trust for Fluffy or Fido? Why Every Pet Parent Needs to Consider a Pet Trust Today
Roth IRA Conversions After Tax Reform...Still a good idea? What are the implications for your family if you don’t spend all the money?
Estate Planning When Not All of Your Kids are in the Family Business
Beneficiary Designations and a Blended Family: Why You Need to Think Before You Sign
The One Thing Every New Grandparent MUST Do As Soon as Possible
How to Fix 5 Common Estate Planning Problems
How to Leave Your Life Insurance and Retirement Plan to Your Minor Children
Financial Planning. Tax Planning. Legacy Planning. Estate Planning - How many plans do I need?!
Why Not Just Go on NoloⓇ and Create Your Own Estate Planning Documents Cheaply?
3 Things You Must Do Once Your Divorce Is Final
Protecting Your Children’s Inheritance When You are Divorced
Finding the Right Fit: Questions For Prospective Wills and Trusts Attorneys
The Biggest Threat to Successful Estate Planning
Steps For Starting the End-of-Life Conversation
Joint Tenancy Pitfalls: The ‘Simple’ Fix that Can Leave Your Family Broke
One Call You Must Make After You Buy a Home-That You’ve Probably Forgotten
3 Tips For Every New Homeowner
Declare your Independence from Court Interference!
What To Do With Your Beloved Collection
Legal Considerations When Getting Your New College Student Ready to Go
Digital Afterlife- An Estate Plan For Your Facebook Account
How an Estate Planning Letter of Intent Can Help Your Family
Kids and Investors Are Not the Only Options
Retirement Planning for Business Owners
Passing Along a Benefit, Not a Burden - Why Incapacity Planning for Business Owners is an Indispensable Component of Your Plan
March
February
2017
September
August
July
May
April
Updating Your Revocable Trust: How Many “Tweaks” Are Too Many?
U.S. Supreme Court Rules Inherited IRAs are Not Protected from Creditors
4 Tips for Avoiding a Will or Trust Contest
Three Liability Planning Tips for Physicians Anyone Can Use
Three Estate Planning Mistakes Farmers and Ranchers Make and How to Avoid Them
The Wrong Successor Trustee Can Derail Your Final Wishes
The Trust Protection Myth: Your Revocable Trust Protects Against Lawsuits
The Tragic Loss of Star Trek’s Anton Yelchin: Lessons for Estate and Legacy Planning
The Three-Year Review and The Three-Year Plan
The Shocking Truth About Asset Protection Planning
The Pros and Cons of Probate
The Perils of Promises...Marlon Brando’s Story
The Lifetime QTIP Trust: Or (How to Maintain Control of Your Estate and Keep Spouse No. 2 Happy)
The Lifetime QTIP Trust: Or (How to Maintain Control of Your Estate and Keep Spouse No. 2 Happy)
The IRS Took Half of Tony Soprano’s Estate: Don’t Fall into the Same Trap!
The Essential Legal Documents You Need for Incapacity Planning
Surprise! You Can’t Easily Disinherit Your Spouse in the U.S.
Stress Test Your Estate Plan
Sonny Bono’s Procrastination in Creating a Will Led to Years of Estate Battles
Skyrocketing Probate Fees – Another Reason to Avoid Probate Court
Revocable Trust vs. Irrevocable Trust: Which Is Best for You?
Prince’s Sad and Incredibly Expensive Mistake! (Are You Making It, Too?)
3 Powers to Consider Giving to a Trust Protector
Philip Seymour Hoffman’s Will: 3 Critical Mistakes
Parental Warning: If You Own Your Property this Way, You May Accidentally Disinherit Your Own Children
Over 70% of Elvis Presley’s Estate Paid in Taxes & Fees: How Can You Avoid the Same Trap?
Nosey Neighbor Nellie Can Find Out About Your Probate. Really.
Michael Jackson’s Estate Pulled into Seemingly Endless Probate Court Battles
Lifetime QTIP Trusts – The Gift That Keeps Giving
Is Your Estate Plan as Stale as Last Week’s Ham Sandwich? 5 Reasons to Update Your Estate Plan
March
Is a Revocable Living Trust Right for You?
Is a Payable on Death Account Right for You and Your Family?
Irrevocable Trust Decanting in 4 Steps
IRS Announcement: Estate Tax Closing Letters Will Now Only Be Issued Upon Request
Investment, Insurance, Annuity, and Retirement Planning Considerations
If You Die Without a Will, Does Your Spouse Inherit Your Entire Estate?
How to Pick a Trustee, Executor, and Agent Under a Power of Attorney
How to Minimize the (Voluntary) Federal Estate Tax with Portability
How to Minimize Legal Fees After Death
HELP! This Probate Is Taking Forever!!!
Four Steps to Stop Mail Addressed to a Deceased Person
Five Things You Need to Know About the Recently ABLE Act
Flo Jo’s Tragic Mistake: A Missing Will
5 Reasons Why Uncle Bill May Not Make a Good Trustee
Financial Firms Roll Out Form Aimed at Stopping Financial Elder Abuse
5 Reasons to Embrace Estate Planning
Estate Planning: 3 Reasons We Run the Other Way
Estate Planning Basics for Newlyweds – How to Get Prepared for the Unexpected
Escape From a Bad Trust: 5 Strong Reasons to Decant Your Trust
Doris Duke’s Trustee Bilked Estate for $1M: How Well Do You Know Yours?
Don’t Leave Your Trust Unguarded: 6 Key Ways a Trust Protector Can Help You
Does Your Estate Plan Protect Your Adult Beneficiaries?
Who’s Going to Get It: Do You Really Know the Beneficiaries of Your Dynasty Trust?
Dispelling the Top 3 Estate Planning Myths
Discretionary Trusts – How to Protect Your Beneficiaries From Bad Decisions and Outside Influences
Did you include your grandkids in your will? 5 Tips to Avoid Common Problems
Did Whitney Houston Leave Too Much Money To Bobbi Kristina?
Dennis Hopper Saves Heirs with Last Minute Estate Plan Changes
Decanting: How to Fix a Trust That Isn’t Getting Better With Age
Avoiding Guardianship When you are Incapacitated
Decanting: How to Fix a Trust That Isn’t Getting Better With Age
Who Should I Choose as a Successor Trustee
Celebrities Who Failed To Recognize Unborn Children in Their Wills: A Teachable Lesson
February
Caution: Your Traditional Asset Protection Plan is Set Up to Fail
How to Choose a Trustee
Name a Guardian for Your Child
Caution: Creditors Now Have Easy Access to Inherited IRAs
Big Bang Theory Star’s “Ironclad” Prenup Challenged: How Does Yours Compare?
Will Your Family Be Able to Find Your Original Last Will?
Ways to Avoid Court Proceedings
Are Handwritten Intentions Enforceable? Princess Diana Thought So…
An Estate Planning Checklist to Facilitate Wealth Transfer
Aging.gov: A New Resource for Older Americans and Their Families
AB Trusts – Do You Need to Get Rid of Yours?
A Powerful Exercise to Surface the Values You Want to Pass on to the Next Generation
10 Types of Trusts: A Quick Look
5 Tragic Mistakes People Make When Leaving Assets to Their Pets
5 Things Every New Mother Needs to Know About Wills
New Legislation Could Mean the End of Estate and GSTT Taxes What This Means for You and Your Family
5 Reasons to Protect Your Retirement Accounts Now
5 Mistakes Made by Successor Trustees (and How to Prevent Them)
5 Good Reasons to Decant a Trust
3 Ways to Minimize Estate Planning Fees
3 Tips for Overwhelmed Executors
3 Simple Ways to Avoid Probate Costs
3 Reasons You Want to Avoid Probate
Who Needs an Estate Plan?
AB Trusts – Do You Need to Get Rid of Yours?
How to Pick a Trustee, Executor, and Agent Under a Power of Attorney
Better to Play it Safe: Proactive Estate Planning and Cognitive Impairment
Will Your Revocable Living Trust Avoid Probate? It Depends.
Why Your Estate Planning Project Must Morph into a Process
Estate Planning Tips for Commitment Without Marraige
3 Celebrity Probate Disasters and Tragic Lessons
3 Examples of When an Irrevocable Trust Can – and Should – Be Modified
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